Does line 10a require that the execution date of each real estate sales contract be stated?
No. This line was designed for situations involving articles of agreement for deed in which the buyer has paid installments over time and title is now being transferred after the final payment. The line should be completed if the contract was initiated in a calendar year prior to the calendar year in which the deed is recorded. The form, as revised July 2000, makes it clear that this line is not applicable to conventional sales wherein the seller at closing either takes the entire sales price or acts as a purchase money note holder, in whole or in part. Q: We are selling property in two different counties. Should we use two deeds and two transfer declaration forms? A: Yes. The parties should allocate the value of each respective property. The respective tax based upon each separate value should be paid to the appropriate county recorder. Q: What is the purpose for line 10 and its sub-sections? A: The Illinois Department of Revenue designed line 10 to gather information relevant to the
